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J`khand: Soren to be CM, Koda his deputy

Ranchi, Aug 25: The way for JMM chief Shibu Soren to become Jharkhand Chief Minister was cleared on Monday after incumbent Madhu Koda and Independent MLA Stephen Marandi agreeed to support him at the intervention of RJD supremo Lalu Prasad.

On the advice of Prasad, Koda and Marandi gave letters of support to Soren before the media.

Meanwhile there are reports that Madhu Koda will be offered the post of deputy Chief Minister of Jharkhand.

Koda, who had been reiterating that he would not support Soren and would review whether to continue in the UPA or not ever since he quit on Saturday, changed his stand and agreed to support Soren to form a ministry after meeting the RJD chief.

"Laluji and Guruji (Soren) came to my residence. As per our traditional values, atithi deva bhava (guests are like God). Moreover, after giving a second thought, I decided to support him in the interest of UPA's unity," Koda said.

Asked whether he had kept open the option for joining the impending Soren ministry, Koda said such things did not figure in the meeting.

"I told during the meeting (with Lalu Prasad and Soren) to continue all the unfinished development works taken during my 23 months of tenure," Koda added.

Another Independent MLA and a staunch critic of Soren, Stephen Marandi, also handed over his letter of support to Soren.

"See, both of them (Koda and Stephen) are giving the letters of support to him (Soren)," Prasad told the media but refused to entertain any question on the Jharkhand political situation.

Infosys to buy UK-based Axon Group

Bangalore, Aug 25: Infosys Technologies, country's no 2 software services exporter, on Monday said it had agreed to buy UK-based consultancy services firm Axon Group Plc in an all-cash deal valued at 407.1 million pounds. Nasdaq-listed Infosys expects the deal to be completed by November 2008, it said in a statement.

It said the acquisition would "accelerate the achievement of some of Infosys' current strategic corporate objectives, including the continued expansion consulting capabilities".

Last month, Infosys, which develops applications, designs supply chains and offers back-office services, reported a 21 percent rise in quarterly profit but warned of challenging times ahead as its major Western clients battle weakening economies.

Ahead of the announcement, shares in Infosys, which the market values at USD 22 billion, ended 0.5 percent higher at 1,703.05 rupees in a Mumbai market that closed up 0.3 percent.

Diesel to cost Rs 57 per litre for industrial users

New Delhi, Aug 25: State-run oil firms have proposed a Rs 57 per litre price for diesel they sell to industrial users as against Rs 34.80 a litre currently, as use of the fuel in sectors like power generation had seen an unprecedented growth.

Three oil companies have submitted a concept paper to the Petroleum Ministry for differential pricing of diesel for direct consumers like Railways and power producers who they want to charge market price and limit subsidised sales to transport and agriculture sectors, official sources said.

Industrial units like power generators find subsidised diesel cheaper than freely priced fuel oil and naphtha, pushing demand that has forced refiners import the fuel to meet the requirement.

Last week, an industry-brainstorming meeting with Oil Minister Murli Deora was informed that diesel demand in April-July had grown by 18 percent, with bulk of the growth coming from industrial users like power plants.

Sources said the power sector had seen a whopping 152 per cent rise in demand in the first quarter to 53,000 tons, while fisheries and marine sector had seen a near-40 percent growth.

Differential pricing of diesel would reduce the revenue loss by Rs 27,202 crore in 2008-09.

Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum currently lose Rs 16.22 per litre on diesel sales. Half of the projected Rs 184,801 crore revenue loss on sale of petrol, diesel, LPG and kerosene in fiscal 2009 is because of diesel.

Sources said, the Petroleum Ministry was examining the proposal and it was being deliberated if Cabinet approval would be required for implementing differential pricing scheme.

"During the first four months, diesel demand has grown at 18 percent," IOC Chairman Sarthak Behuria had said last week.

This unprecedented demand growth has seen domestic output fall short of the requirement and a total of 4.14 million tons of diesel may be required to be imported in 2008-09. Of this 1.267 million tons has been imported in April-July.

Behuria said, while transport and agriculture demand for diesel had grown by 10-12 percent, consumption by power producers and other industries had risen 30 percent.

Airtel, Rcom most congested networks: Trai

Press Trust Of India / New Delhi August 25, 2008, 18:59 IST



Leading telecom service provider Bharti Airtel tops the list of most congested network followed by Reliance Communications, data from the Trai revealed.

RIL-RNRL issue: Oil Min, Govt counsel speak in diff voice

New Delhi, Aug 26: Petroleum Ministry today said government lawyer had not been authorised to comment on conclusion of NTPC's gas deal with RIL, but the counsel said he only stuck to official instructions while arguing in the RIL-RNRL dispute in the Bombay High Court.

Though Petroleum Minister Murli Deora declined to comment on the argument by senior advocate T S Doabia in the court last week that could impact NTPC's case against Reliance Industries, his aide asserted that the government lawyer was not given any such instructions.

Appearing for the Petroleum Ministry in the gas dispute between Mukesh Ambani-run RIL and his younger brother Anil-run Reliance Natural Resources, Doabia had reportedly stated that NTPC had not concluded any contract with RIL to buy gas from D6 block at USD 2.34 per million British thermal unit.

"There is no question of trying to weaken the case of a public sector company (NTPC). His statement was clearly not part of his brief on the case," Deora's aide said.

Doabia, on the other hand wrote to the Petroleum Ministry on August 23, saying that "the stand which was taken was so taken on the instructions of officials of your ministry."

When contacted, Doabia refused to comment on his letter addressed to a joint secretary in the Ministry, saying: "These are privileged communication between the client and his lawyer."

The NTPC-RIL deal is at the core of the dispute between the two brothers, with younger brother claiming a minimum of 18 million standard cubic meters per day of gas from D6 at the USD 2.34 per mmBtu price bid by RIL in a NTPC tender in 2004.

SEZs can make India global manufacturing hub: PwC

New Delhi, Aug 26: Special economic zones can help India become a global manufacturing hub and the government should provide hassle-free regulatory and fiscal environment to entrepreneurs, a PricewaterhouseCoopers report has said.

"India must aim to become a global manufacturing hub. Government policies must support this and tax policy must incentivise this. More so since the myriad hassles to set up and do business in India are a big disincentive," the PwC report on special economic zones (SEZ) said.

It said SEZs clearly provided an answer for India to attract global manufacturing, since the private sector has been incentivised to expend large amounts to develop world-class industrial and social infrastructure in the zones.

"If we want to make India a global manufacturing hub, we need to improve the environment for manufacturing. Given the current political and economic set-up, improving conditions nationwide for manufacturing will be difficult," it said.

It would be a better strategy for India to create the enabling environment in pockets through SEZs with high quality infrastructure, a liberal and supportive business policy environment, providing necessary push which the manufacturing sector urgently requires.

The report named poor infrastructure, interfering administration and unfriendly tax law environment as some of the factors affecting manufacturing competitiveness in India.

Referring to SEZ policies across the globe, the report said these have been fine-tuned over a period of time to meet foreign investors' requirement and have been an important catalyst to FDI success.

Singh is King, thunders Bhajji
Colombo, Aug 27

The fact that Harbhajan plays with his heart on his sleeve is no secret. Though this trait has been responsible for landing him in trouble in the past, it is this very quality that endears him to his team-mates and fans alike.

“I am a very passionate person,” he said of his extrovert personality. “I don’t thing I can change my approach”, he told journalists ahead of the 4th India-Sri Lanka ODI.

While he may be passionate, it is a different Harbhajan that one gets to see now-a-days. One who is more level-headed, a bit more mature and…even controversy-free (touchwood). A senior, who can often be seen playing mentor to Kohli and other young Turks in the squad.

A sample of his new found maturity can be found in his bowling too. In his first series after returning from suspension post Sreesanth slap-gate, the Jalandhar lad ended up as India’s highest wicket taker against the Lankans. He has been showing a deeper understanding of his own bowling, isn’t afraid to attack the batsman, and is usually in control of the proceedings.



Asked for the reason behind his consistent show in Sri Lanka, the ‘Turbanator’ credits it to the fast bowlers in the team. “Zaheer and Praveen provide the break-through. I just have to bowl line and length”, he says modestly.

Like everybody, he too hasn’t been left un-touched by the Mendis mania. In-fact, even he is now trying to add the ‘carom ball’ to his armory. “I am trying it. Hopefully I will develop it soon”.

Bhajji, as he is also fondly known, was upbeat regarding Wednesday’s clash. “If we play to our potential, we will win….and besides Singh is King”

That’s the new Bhajji for you.

DLF plans to raise up to Rs 10k cr

New Delhi, Aug 27: Country's largest real estate developer DLF plans to raise up to Rs 10,000 crore through issue of securities for which it will seek shareholders' approval in its forthcoming Annual General Meeting.

When contacted, DLF spokesperson told PTI that the firm was seeking an enabling resolution from shareholders to issue securities to investors on institutional placement basis, aimed at keeping the company ready to raise funds in future whenever needed.

He, however, declined to comment on the time-frame for raising the proposed fund.

The company in its annual report stated "the board of directors may at their absolute discretion, offer, issue and allot equity shares for a value up to the amount of Rs 10,000 crore" to qualified institutional buyers (QIB).

DLF would hold its AGM on September 30 this year.

The securities would be fully paid up and the allotment of such securities would be completed within 12 months from the date of the shareholders' resolution approving the proposed issue or such other time as may be allowed by the SEBI DIP guidelines from time to time, the report said.

Earlier in July, the realty giant had announced to buyback up to 2.2 crore shares worth Rs 1,100 crore from the capital market.

The company would buyback the shares at a maximum price of Rs 600 each, as the firm's intrinsic value and future growth potential was not reflected in its share price, which had dipped below the IPO price of Rs 525.

About a year ago, the company had sold its shares to the public for Rs 525 each in its IPO and the shares had soared to a life-time high of Rs 1,225 on January 15 this year.

i am a bhajji fan.!!!!!!!!!!!!!!!!!!!!!!

Rlys invites 20 groups to bid for insurance scheme

New Delhi, Aug 27: Raising the level of competition among private insurance players for the railway insurance scheme, the Railways has invited as many as 20 parties to bid for providing insurance cover during the next one year.

Last year, ICICI Lombard had bagged the offer, battling five other private players.

This year's tenders will be opened on September 1, sources in the Railway Ministry said, adding that invitations have been sent to about 20 companies this time.

The insurance cover will be from September 20 this year to September 19 next year.

The passenger insurance scheme of Indian Railways covers railway passengers against death or injury resulting from rail accidents or untoward incidents as per the Railway Act of 1989.

The Railways began inviting private parties to provide insurance cover about three years back in keeping with its mandate.

At present, compensation payable in case of death is Rs 4 lakh and in case of injury Rs 32,000 to Rs 4 lakh depending on the nature of injury.

The scheme will extend to Indian Railways, Metro Railway (Kolkata) and Konkan Railway Corporation Limited.

Railway passengers holding a valid ticket, railway pass, platform ticket and railway men on duty will be covered under the scheme.

Besides, children below five years of age travelling with bonafide ticket holder, pass holders, platform ticket holders in waiting rooms, cloak rooms, booking offices and railway platforms who become victims of untoward incidents will also be covered.

The insurance company selected will be liable to pay only compensation.

Interest, if any, awarded by the Railway Claims Tribunal, or compensation for loss of luggage or compensation enhanced to more than Rs 4 lakh will not be covered under the insurance scheme.

The total premium to be paid to the insurance company will be based on number of passengers travelling on Indian Railways, Metro Rail (Kolkata) and Konkan Railway during the preceding year and number of platform ticket issued over Indian Railways and Konkan Railway during the period.

According to Railways, some 683.31 crore passengers bought tickets, including platform tickets in 2007-08.